In a significant move towards bolstering Gujarat’s economic landscape, Essar has inked three Memorandums of Understanding (MOUs) with the Government of Gujarat, marking a colossal investment of Rs 55,000 crore. The agreements, signed ahead of the Vibrant Gujarat Global Summit 2024, reflect Essar’s commitment to strategic investments in the fields of Energy Transition, Power, and Ports, creating a potential for over 10,000 job opportunities.
The conglomerate, entering a renewed phase of strategic investments, aims to make significant contributions to Gujarat’s industrial and economic development. Over the last four decades, Essar has already invested more than Rs 1 lakh crore in the Energy, Metals & Mining, and Infrastructure sectors in the state, solidifying its position as a key player in Gujarat’s growth story.
Prashant Ruia, Director at Essar Capital, expressed his delight at the strategic investments, stating, “Gujarat has consistently been at the forefront of Essar’s strategic investments. We are delighted to further contribute to the state’s economic progress with an additional investment of Rs 55,000 crore in the Energy & Infrastructure sectors.”
Details of the Investments:
- Energy Transition: Essar has committed to developing a 1 Gigawatt Green Hydrogen project, with an estimated investment of Rs 30,000 crore.
- Power Generation: Essar Power plans to invest an additional Rs 16,000 crore for the Phase-II expansion of its Salaya Power Plant.
- Ports Sector: Essar Ports is set to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore.
The signing of these agreements not only signifies Essar’s confidence in Gujarat’s potential but also showcases its dedication to contributing to the state’s multifaceted growth trajectory. The investments are poised to play a crucial role in job creation and the overall development of the state’s key sectors.
